The only thing that would make a tire smoke is if the brakes were grabbing or locking up, or a wheel bearing went out. You'd know if a wheel bearing went out, it would screech like crazy or wheel would seize. From your description that it wouldn't accelerate it sounds like you have a dragging break. The break hoses can go bad, preventing brake fluid from being able to return to master cylinder, and that can keep brakes applied in that wheel. A dragging brake can smoke once it gets hot enough. A bad caliper can also cause a brake to drag. New brake hoses are about 15 to 30 each. A caliper is 45 to 65 each. Pads and fluid prices are nominal. Add labor for replacing and bleeding brakes. So basically you need a brake job. Call around for quotes. DO NOT drive vehicle with a dragging brake. Tow it to a shop, check with shop and tow company if they can charge tow to the shop, then have shop include it in the bill. Tow companies tend to give shops a discounted price. Good luck.